Before we head on to the topic of whether the doctors or nurses do need medical malpractice insurance. We will tackle first Liability Insurance, this will give us a basic understanding of Liability Insurance, and why do we need to have for the business or organization. Since medical malpractice insurance is part of Liability Insurance.
What is the Liability?
Liability is a responsibility for the consequences of one’s acts or omissions.
What is Liability Insurance?
Insurance that protects the individuals or organizations from being held responsible for the injury or damage to another person or their property.
Why is needed?
Because the day-to-day operations of every individual, group, or organization can result in an injury, damage to property, and financial harm to third parties by accidents or unexpected events. Without some form of protection, the resulting litigation would interfere with the ability to function.
Types of Liability Insurance:
- Automobile Liability is to protect the driver and passenger when get caught in the accident. But does not include the automobile.
- General Liability is to protect the company or organization from third parties complains such as bodily injury, property damages, and personal injury.
- While Professional Liability is to protect employees against a lawsuit from third parties.
Some insurance company has different types of Liability Insurance, such as Malayan Insurance company. From their website, the following are the types of Liability insurance they provide.
Types of Liability Insurance from Malayan Insurance company:
- Comprehensive General Liability (CGL) Insurance
This policy answers for the legal liabilities of the insured arising out of accidents, in connection with the conduct of his business.
- Comprehensive Personal Liability (CPL) Insurance
This policy answers for the legal liability of the insured due to his negligence or the negligence of the member of his household.
- Errors And Omissions
This policy designed to protect insurance and/or reinsurance brokers caused by error and omissions arising in connection with their duty as a legal representative of the Insured.
- Director’s And Officer’s (D&O) Liability Insurance
This policy is designed to protect Directors and Officers of a corporation for any wrongful act committed by a director or officer.
- Products Liability Insurance
This policy protects the Insured from damages arising from the products manufactured, distributed or sold by the Insured after such a product has ceased to be in the custody or control of the Insured.
- Employer’s Liability Insurance
This policy answers for damages (Bodily Injury by Accident or by Disease) to any employee of the Insured during the course of his/her employment by the Insured in excess of the required employee benefit or insurance cover under Worker’s Compensation Law or any similar law.
- Professional Liability Insurance
This policy is designed to protect “Professional” for an error arising out of the “professional service” or the “work” performed in connection with his/her profession.
- Manufacturer’s Errors And Omissions
This policy provides coverage for legal liabilities for financial loss to customers caused by the product manufactured by the Insured.
- Excess Auto Liability
This policy covers for damages arising from accidents in connection with use of personal, hired, owned or non-owned vehicles. This coverage responds in excess of the required third party liability cover under the Motor Car Insurance.
- Medical Malpractice Insurance
This policy covers liability arising from any failure to render medical services or an error in rendering medical services which resulted to death, sickness or bodily injury of the patient. This product is available both for hospital establishments and individual doctors.
- Educators Professional Liability Insurance
This policy covers liability of schools, educational institutions and academic professionals for breach of duty in the performance of or failure to perform educational services.
- Lawyers Professional Indemnity Insurance
This policy responds to liability from acts, errors or omissions of lawyers in the performance of his legal profession on behalf of their clients.
Let’s go back to the topic… Do Doctors and Nurses need medical malpractice insurance? Some say no, while others say… it depends on the doctor, nurse, and hospital. But in actuality, almost all doctors or nurses do care and in need of “Medical Malpractice Insurance”, because it can protect the doctors, nurses, or hospital from any failure to render medical services or an error in rendering medical services which resulted in death, sickness or bodily injury of the patient. Also, it’s a requirement usually to get stiff privileges at a hospital. But its another concern for the larger healthcare institution, who does employ the doctors and nurses, since the hospital does usually have ample insurance and lawyer to protect the doctors, nurses, staff, and the hospital.
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